Orion180 Insurance Group Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net income increased 32% year-over-year to $11 million for the quarter ended September 30, 2026, compared to $9 million in the prior-year period.
• Consolidated adjusted EBITDA increased 65% year-over-year to $25 million for the quarter, compared to $15 million in the prior-year period.
• Gross premiums written grew 60% year-over-year to $203.8 million for the quarter, up from $127.2 million.
• Net premiums earned increased 52.4% year-over-year to $29.9 million for the quarter.
• Total revenues for the quarter were $53.9 million, an increase from $34.1 million in the prior-year period.
• As of September 30, 2026, the Company held $166 million in cash and cash equivalents and $56 million in outstanding debt.
• For the nine months ended September 30, 2026, net income was $25.0 million compared to $5.6 million in the prior-year period.
• Consolidated adjusted EBITDA for the nine months ended September 30, 2026, was $50.5 million, compared to $19.2 million in the prior-year period.
• Gross premiums written for the nine months ended September 30, 2026, were $558.2 million.

Guidance and Future Outlook:

• Management expressed confidence in producing durable growth on top and bottom lines driven by the FLEX product suite and the MY180 technology platform.
• The Company aims to sustainably continue gaining market share and increasing long-term value for shareholders.
• Orion180 plans to continue developing its MY180 tech platform capabilities to drive future growth.
• The Company is positioned to expand its underwriting discipline across its growing 14-state footprint.

Business Segments and Product Lines:

• Services Segment: Commission and fees revenue grew 64.4% year-over-year to $75.1 million for the quarter. Services adjusted EBITDA increased 16.3% to $18.6 million.
• Underwriting Segment: Net premiums earned grew 52.4% to $29.9 million. Underwriting adjusted EBITDA increased 330% to $11.5 million.
• The Underwriting segment's gross loss ratio for the quarter was 32.8%, compared to 27.3% in the prior year.
• The Underwriting segment's combined ratio for the quarter was 68.8%, compared to 95.8% in the prior year.
• The Company operates with a footprint in 14 states and distributes products through approximately 17,000 active independent agents.
• New business premiums written increased 62% year-over-year to $102 million for the quarter.
• Policy retention rate was 88% for the quarter, down from 90% in the prior-year period.
• Managed premiums in-force grew 72% year-over-year to $678 million as of September 30, 2026.

Market and Competitive Landscape:

• Orion180 is the second largest excess and surplus ("E&S") lines homeowners insurance provider in the United States by direct written premiums.
• The Company offers a diverse product mix including E&S and admitted homeowners' insurance, private flood insurance, and ancillary products.
• The business model leverages a proprietary, end-to-end MY180 platform for real-time data-driven decision-making.

Risks and Challenges:

• The press release notes risks including dependence on third-party independent agents, intense competition in property insurance markets, and the ability to accurately price risks.
• Risks also include the availability and cost of reinsurance, severe weather conditions, climate change effects, and reliance on the proprietary technology platform.
• Additional risks mentioned are regulatory developments, cybersecurity and data privacy risks, and the dual-class stock structure.

Management Commentary and Tone:

• Kenneth Gregg, CEO, described the quarter as "excellent" across key metrics, highlighting rapid growth in managed premiums and increased profitability.
• Management noted the successful completion of the initial public offering as a major milestone.
• The tone reflects confidence in the scalability of the business model and the strength of the differentiation provided by the FLEX product and MY180 platform.

Other Key Points:

• The Company completed its initial public offering of 20,000,000 shares of Class A common stock on September 21, 2026.
• As of September 30, 2026, there were 99,058,193 shares of common stock outstanding.
• The Company incurred $6,000 in settlement recovery in 2026 related to the termination of a previous underwriting relationship with a fronting carrier, offsetting $6,250 in settlement loss contingency costs incurred in 2025.
• The Company maintains a Formula 1 sponsorship agreement, with sponsorship fees recorded as non-recurring costs.
• The Company has offices in Melbourne, Florida; Irving, Texas; and Draper, Utah.